How Mortgage Forbearance Works Under Cares Act

How Mortgage Forbearance Works Under Cares Act

In a Media Release on April 3rd 2020 the Consumer Financial Protection Bureau released a video on How the mortgage forbearance works under the cares act.

Due to the Covid-19 Outbreak many mortgage lenders are offering Forbearance assistance. Forbearance means your mortgage lender or bank may be willing to pause or reduce mortgage payments for a limited period of time. It does not eliminate your payment or erase what you owe on your mortgage. With a mortgage forbearance missed or reduced payments must be repaid at a future date.

It is recommended that if you are able to make or keep up with your mortgage payments, do so. A forbearance only delays the payments to a future time when you’ll have to make them up on top of your normal mortgage payments.

Here is the video regarding How Mortgage Forbearance Works Under The Cares Act that was released by the Consumer Financial Protection Bureau or CFPB.

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